For the past few years, Canada has been the go to country for buying U.S real estate. As their temperatures are mainly on the frigid side (living in your refrigerator would be warm compared to some temps these folks endure), they prefer to purchase in hot climate states such as Nevada, Florida and Arizona. Cities […]
The owner of a business may employ his/her children in the business.
Each child can earn an amount up to the standard deduction for the current year and they will be free from income tax, while the business can deduct the expense of the amount paid, provided it is reasonable compensation for the services actually rendered […]
Carpets are normally depreciated over 5 years.* This applies, however, only to carpets that are tacked down. If the carpet is glued down (perhaps in a basement) then it becomes “attached” to the property and must be depreciated over 27.5 years.
Most other types of flooring (i.e. tile, hardwood, linoleum), unlike carpeting, are usually more or […]